Negative Operating Cash FlowPersistent negative operating cash flow undermines internal funding for capex, R&D, and working capital. Over multiple quarters this forces reliance on external financing, increases execution risk for scale-up projects, and can limit the firm's ability to capitalize on new partnership opportunities.
Negative Profitability MarginsNegative net and EBIT margins indicate the company is not yet converting strong gross profit into operating profitability. Structural cost or SG&A pressures, or underutilized capacity, must be addressed to achieve sustainable earnings, or profitability will remain a long‑term constraint.
Volatile Cash GenerationExtremely volatile free cash flow growth signals inconsistent conversion of earnings to cash and episodic receipt timing. This volatility complicates multi‑period planning, raises refinancing and liquidity risk, and weakens the firm's ability to fund consistent investment or withstand adverse shocks.